A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

June 29, 2008

The fact that Chris Dodd rushed legislation to bail out Countrywide and BofA, before holding hearings on how Countrywide and the REIC got the US into this mess in the first place, is not only corrupt it's immoral.

Watch this video and you'll get a better sense of the systemic mortgage fraud that infected the US these past few years, starting with greedy unethical mortgage brokers willing to do anything for a commission, and ending on Angelo Mozilo's doorstep.

I'd love to see guys like this testifying in front of Congress, under oath, about what they knew, when they knew it and who was in on the Big Scam.

I'd love to see current and former Countrywide employees grilled.

And eventually, you just know all of it will lead to The Kingpin himself, The Godfather, Mr. Angelo Mozilo.

35 comments:

Anonymous
said...

Screw this guy. I'm sure he wasn't complaining when the checks were rolling in. Not to mention that he seems to be purposely trying to slow down the foreclosure process that helps keep prices inflated.

Here is the guy's quote in the comment section of his video.

"We need to do something! I am currently battling with several lenders to halt foreclosure proceedings (they don't like me very much) I keep them tied up for months and give the consuers back something."

My reply...IF THEY CANT AFFORD IT...

GET THESE ALT-A LIARS LOAN SCUMBAG DEADBEAT BEHIND ON THEIR PAYMENT HOMEDEBTORS THE FUCK OUT OF MY FUTURE HOME!

I have know this guy personlly for many years. He was AND STILL IS PART OF THE PROBLEM. He doesn't care about anything except getting his loan approved regardless of the risk to the lender. This is just a brilliant marketing idea to get his name out there and make people think he is a wonderful guy. Crazy thing about the internet is you can post anything you want and the ignorant masses will believe it.

Yes, he was part of the problem and benefited from the "feeding frenzy" but I give him credit for trying to come clean and be honest and confirming what HPers always suspected was happening behind the scenes to fuel the mania.

The root cause of all our financial problems is the FED and big international bankers. They are a world-wide mafia that is completely self serving......e.g. Bear Stearns.

The FED coup of 1913 dealt a huge blow to this country. The parasite must be removed else the FED will continue to use OUR tax dollars to bail out crooked banks and financial houses.

Here what I heard this guy saying. I made well over 6 figures for years by screwing homedebtors and now that its stopped I'm sorry. Sorry, that is, that it had to stop and I'm now eating Ramen noodles.

Gimmee a break Keith. This turd was right there with the other bottom feeders, screwing all of the sub-prime borrowers. Now, he "hates" CW because HE is spending money on leads and THEY are getting the loans.

He's just another low life Mortgage Broker, playing the "I am holier than though" card. Please..... Let's hear him testify about all of those shnooks HE screwed into paying 6 points and those he put into ARMS knowing they couldn't pay after the resets.

I am so tired of people blaming banks like Countrywide. Yes they own alot of dirty loans, but most of them were acquired in bulk packages that they bought on the secondary market. Unless you are senile, blind, or mentally handicapped, this is the borrowers fault. As long as they can read they have no one to blame but themselves. I've always tried to educate my borrowers and I have even told them "Hey, this is not a good loan, it is very risky and the rate will go up." Funny how they don't care. Now three years later after they have pissed away the 50k that they borrowed they want to blame it on the banks or the brokers. I did a bad loan and I lost my house. Do I blame the bank? Hell no, this was my problem. I knew what was going to happen and I didn't plan properly. I don't think the bank was being greedy in giving me the loan, I think I was being greedy when I asked for it n the first place. So please, lets quit whining and work on resetting this problem. Once everything comes full circle we can learn from our mistakes and get back to writing loans that make sense. But lets be honest, this starts with the borrower.

I was a subprime LO for a bank and this guy is a douch bag broker who fk'd his clients. You guys are right that he is trying to be the good guy now. He should have thought about that when he was charging his clients 6 points. That is obsurd. Mozzillo was only part of the problem.

I thought you tried to let everyone know that black people created this mess and they are the reason all these houses are in foreclosure, yet, everyone you put a picture of on your webpage is some greedy white person. Oh, I understand you only see color when it is someone other than white because you are brainwashed into thinking whites commit no crime only black boys and women and illegal immigrants. A bunch of greedy white people from the New World Order, the Illuminati, the US Government and the World Bank so on and so forth all white caused this all. All blacks get is the shaft and have to go to the free food bank and ride city busses. Report on that (say this White people caused high food prices, high gas prices and the coming of the 2nd depression because thier need to have 6 figure salaries to show off that they have it all and are above it all not to mention they are the ones who live in those suburbs driving to work in those hummers) instead of offensively using black rappers who have absolutely nothing to do with this housing crash (case in point Ed McMahon, you didn't make fun of him and his 30 years younger wife) Lay the blame at the feet of the villian who would be WHITE PEOPLE who want boats, (even George Carlin said that if you want someone to invade just gather up the white people and they will kick you out of your home: Indians) and hummers and million dollar homes (one to live in and one to vacation in) and expensive vacations, portfolios, and private schools and soccer moms. Can't get all that working at McDonalds or Burger King. Research and find out how many blacks are in charge of any of these companies and how many whites and you will see who caused this mess and of course the first one blamed and fired was black and now there are none. There are still late night infomercials about buying distressed properties and turn it over and make zillions. That's what started this mess and Donald Trump (oops a white man and arrogant one at that). I guess Sir Issac Newton was right what ever goes up comes down and the fall down is fast and furious. But who gets hit on the head in the freefall. Blacks and mexicans.

Well.. he is clearly not a 'saint' in all this.. it looks like a 'confession'. He does have a few good points.... and I think other than trying to 'bail out' folks in foreclosure has a few good saving points.

1. US banks sold this crap to foreign banks. (UBS and other foreign banks.) Apparently just not enough of it... ie WAMU, NatCity et. al.

2. Congress Bailing these banks out is the worst thing that can happen. Why do I as a taxpayer owe this industry anything? I don't. I have a 30 year fix.. and I bought a home that I could AFFORD. Why are we rewarding people that are or were gambling with loan leverage?

3. Builders and Lenders working together should be outlawed in all 50 states. NVR (the builder) being among the worst likely offenders.. but I'm sure there are others.

4. Let the banks foreclose. Hard and Fast. Any moron (or person) that signs a interest only / or Negam loan deserves to be shot and quartered...(and screwed by the lender with fees and points) not to mention to have there home taken back. You gave your word on a loan.. you should have understood what your signiture meant. I realize he feels bad getting people to sign the paper.. but if you give alcohol to an alcoholic what do you expect? The sin was committed as signing.. not when this stuff is foreclosing.

5. When congress LETS the housing market crash.. we will then recover. Till then.. they are making our economy into something much like Japan... looks to me like this will be 10 to 15 years of flat growth and taxpayer funded bailouts of the banks that had high school students recommending to hold this kind of paper for unsustainable yields... even if they charge fees and points on these bad loans. (banks holding the paper assuredly are NOT making money on this crap paper).

Totally not credible and stupid to boot! Nobody should want a douche like this testifing in front of congress. He's simply a whiny, bitter, loser who will have to go and flip burgers for a living to supplement his food habit.

This guy is seriously WEAK! I also have my clients prequal by the CW retail reps and I have not lost one client. Retail's pricing is higher as they have so much overhead. He must not have any relationship with his borrowers at all. Also, if he worked in Subprime he HAD the opportunity to make a difference. He did NOT have to sell the product. This is one of the guys that needs to get another job.

this oaf is the reason i have left the business after 24 years. he and his fellow retrogrades have selfishly cashed a few sheckles in exchange for the well-being of the next generation. it will only be even when creeps like him get his salad tossed by his new roommate at a FCF.

Obviously this guy lifts...burgers and pizzas that is. This douchebag was one of my used car mentality "clients" and all he worried about was how much he can make on each deal. It's pathetic how this hypocrite potrays himself as a good LO when all he cared about was ripping his client's head off. Poor broke guy is 5'5 245 lbs and went from filet mignons & lobter to spam & fried catfish.

So if I heard this guy right, he is mad because he can't compete with Countrywide for the clients. I think he is admitting he is part of the problem? He most likely can't compete because he is a "Yeild Spread Whore" If he wasn't jacking up peoples interest rates for personal profit, he could most likely compete just fine. I see this guy crying because consumers are getting smarter as they naturally want the lowest fixed rate with the lowest closing costs.

Heck, I'be bought and sold properties in CA, NV, and PA since '86 and not once did I ever have to deal with a slimy, 2-year old, fat slob whiny lender like this one. This idiot is just an out-of-work, high-school dropout that got lucky for a short time. Good luck competing with school kids scooping icecream fella.

Angelo didn't pull some strings to get this video down. I deleted it. Funny thing is though; I did it before I got a chance to read everyone’s comments about me. I did not expect for it to show up on hp or ml-implode. The point of my video was to voice a frustration that not only I had with Countrywide but a dissatisfaction that many of my clients, Realtors and other brokers in the business also had with having to make the additional steps. You see CW doesn’t always approve loans that another lender would; especially in these times. It doesn't seem right. How does it help the borrower? It reeks, just how when the builders and lenders like CW got into bed together and started lying to get borrowers loans approved that did not qualify and the people in charge (government) did not nor are they trying to stop them, or any of the other lenders doing these things. It doesn't hurt me monetarily that Countrywide has done these things. I am not scared to lose one of “my leads” to CW as was stated by one of mass anonymous persons on this blog said, because I never have nor will I ever lose a loan to Countrywide or any other lender due to rate or fees because I am NOT a “YSP WHORE”. Funny how easy it is for you all to say things that aren't true about me (except for that guy who said, I must lift "burgers and pizzas" yummy! By the way I also like beer and chicken wings!) when you do it without knowing me.

Since I was lambasted by the majority of the people on this blog allow me to invalidate some of these comments. First things first, I am not a washed up broker or a beat down broker. This is what the owner of this blog put in the headline to get you susceptible people to click on his blog to read it or view it. In fact, I still do pretty well considering that many of the brokers in our deteriorating industry are failing or have already got out. Indeed, I have lost some business, but who hasn’t? Nevertheless, I even still enjoy an occasional Filet Minion, although never cared much for Lobster.

As for my connections in Sub Prime, many of you seem to think that I am part of the problem because I had a job at a bank that after looking back they obviously screwed their clients. You do have a point that I should have quit, but what you don’t know is before my employment at this bank my profession was in B2B sales for 5 years. BTW, yes I can occasionally come across sloppy and lame outside of work, but when I meet my clients whether in Business or Residential Sales I am as professional as the next guy. If you knew me you would be acquainted with this. Anyways, when I applied at this bank I knew ZILCH about mortgages or finance, but I knew someone there that was telling me I could do well if I were to work there and the company I was employed with had become boring so I decided to give it a shot. The bank knew when they hired me I was inexperienced yet they actually told me when they hired me that they preferred it that way. I did not care much because I was just eager to have the opportunity. When I started with the company I was given no formal training because our branch was so new and not organized. My branch manager gave me the Training Manual and said go shadow this guy and that guy until we have time to do a “real training’, which never came. At that point I was not making a salary anymore like my old job I gave up and I couldn’t afford to fail so I learned as much as I could on my own. I never made much money at this bank in comparison to the others in the industry because they did not pay well at all. Consequently, they lost a lot of employees because of that. Up until then the company did a very good job at keeping us ignorant to how things really were outside of their walls by not hiring real mortgage professionals, and putting down brokers by calling them crooked and teaching us what they wanted us to know only. We were not even encouraged to do purchase transactions; they priced them in such a way that we could not build referral business that way they could keep us like little sheep working their cash out refinance deals. Now to clarify my 6 points comment that you all hated so much, the bank’s the rate sheet was a matrix that told us what points the borrower had to pay for what rate they received based on fico, mortgage history etc. I had no control over what was charged and if I was losing a client because of rate I had to beg for an exception which had to be approved by the RVP and rarely ever was. If he did approve it he would demean us and say we could not sell and tell us how he could have sold it. The “points” on the rate sheet were "discount points" and we were trained that we were helping our clients by charging these instead of the origination charged by brokers. Also, to make it less of a big deal of charging them discount points we were told this is just how banks lower the rate for the borrower and all those fees were a tax deduction.

I only worked for this company for a year and a half. Which if any of you reading this have worked in the industry know that is barely enough time to even learn the ropes. I quit them even though I was due to be promoted to a Branch Manager, so if greed was my motivation why not stay now that I was to make the “big bucks”. My Branch Manager that was always coked out of his mind made 600k the year I left and I could have too. They even pleaded with me to stay but I wanted to be able to offer more to my clients and not be forced to sell such high rates and fees. When I left I opened up a Net Branch with a correspondent lender and hired my own team. Finally, I was able to offer good pricing and still manage to make a good living.

Now, for the people that think I am stupid and would do poorly on an IQ test; I started my Branch with very zero capital, and managed to make my Branch one of the highest grossing branches in the company in just 2 months. I did not go out and get a loan to do this, nor did I refinance my home. I bought equipment as I needed it and grew smart. The people that worked for me knew 2 things about me if they did not know anything else about me.

1. I paid them very well in comparison to the other companies2. I do not tolerate loan fraud (yes, even over stating a borrowers income)

I worked very hard to get where I am now and people can think what they want about me but you must know that I am not crooked or stupid. I never graduated from college but I guarantee that there are people that did that don’t have one tenth of my ability or perseverance. As for my poor video content, next time I will not put a video up on You Tube without writing a script to make my points appropriately. I admit it was a poor representation of my intelligence and I hope to one day redeem myself.

I am with all of you that think that it does no good to blame only the banks for this mess and the borrowers are also at fault. But I don’t agree that we all should sit around waiting for all of the “shoes to drop”. The rest of the people out there that don’t have a home and are renting will all be hurt even more if we don’t try to do something. As for the big players like CW and others, they should be doing more to help fix this problem they helped to create. They were not complaining when the checks were rolling in and now that they aren’t they just tighten up and hold on to their wallets and watch everyone else go down. Thanks for giving me the chance to vent a little.